Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Michelle Ko with Banc of America.
Michelle Ko - Banc of America
I was wondering if you could give me a little bit more color on the rent deferrals if you anticipate taking any more of those further down the road and in terms of timing when you expect things to improve?
George Chapman
Michelle, the exact timing of increasing the return is difficult. I would say unless that we could have taken more risk in terms of the liquidity of our operators and not taken this large of a deferral, but we chose to do that to be conservative hoping that we're positioning ourselves to have some nice revenue increases over the next three to five years. What we've seen so far has been that tours have essentially gone up by 30 or 40% at the CCRCs between the first and the third quarter. If you look at some of our largest operators, ongoing properties that have been just open, for example, we've seen sales double between first and third quarter. I'm trying to give you a metrics. The other variables are when will the people sell their homes and therefore begin to pay off the deferred obligation they have, which totals $7 million or so for our largest operator, 14 million overall?
Moreover, when will they convert the 10% deposits, both at our largest operator and throughout the portfolio? Those are all variables and that's why we chose to be what we think is pretty conservative. So we're hoping that in fact we will not have any further reductions. We're hoping that there's a cleared path upward, but there are a number of variables. I would say this we have a much greater sense of optimism, as do our operators, and the data is bearing that out.
Scott, did you want to add anything?
Scott Estes
The only thing I would think just maybe from timing purposes, we looked essentially 12 to 18 months out, so our best assumption at this point would assume we stay at the same rate through most of next year as well. We're optimistic and hopefully could maybe start to recapture some of the deferred rents by the end of next year, but probably for conservatism purposes, you could assume the same rate from now through next year.
Michelle Ko - Banc of America
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